
1 
This Order shall be cited as the Building Societies (Banking Institutions) Order 1987 and shall come into force on 1st October 1987.
2 
The Building Societies Act 1986 shall be amended as follows:
(a) in section 7(4) (which identifies non-retail funds and deposits), for paragraph (bb) there shall be substituted the following paragraph:“
(bb) sums deposited otherwise than in excepting circumstances with the society by, or by a trustee for, an institution which is —
(i) an authorised institution, for the purposes of, or
(ii) an overseas institution for the purposes of Part IV of,
the Banking Act 1987;”; and
(b) in Schedule 8 (services), in paragraph 7(a) of Part III, for the words “recognised bank or licensed institution” there shall be substituted the words “authorised institution”.
3 
The Building Societies (Mobile Home Loans) Order 1986 shall be amended as follows:
(a) in article 2 (interpretation) —
(i) after the definition of “the Act” there shall be inserted the following definition:““authorised institution” means an institution which is an authorised institution for the purposes of the Banking Act 1987;”; and
(ii) the definitions of “licensed deposit taker” and “recognised bank” and the word “and” immediately before the latter definition shall be omitted; and
(b) in article 3 (security for mobile home loans) —
(i) in paragraph (c)(ii), for the words “society, recognised bank or licensed deposit taker” there shall be substituted the words “society or authorised institution”; and
(ii) in paragraph (d), for the words “a recognised bank or licensed deposit taker” there shall be substituted the words “an authorised institution”.
In witness whereof the common seal of the Building Societies Commission is hereunto fixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on 18th September 1987.
Gerald Watson
Deputy Chairman of the Commission
We consent to this Order,
Michael Neubert
Tony Durant
Two of the Lords Commissioners of Her Majesty’s Treasury
21st September 1987